Oil dips on OPEC's tiny output increase; UN secretary-general slams mega oil profits as "immoral"

For most of this year, petrol prices have been surging making a trip to the bowser a "bill shock" experience for most consumers.

But the global oil price has fallen overnight to US$97 a barrel after the oil producing cartel OPEC decided to pump a bit more crude into the system.

The output increase has been described as "miniscule" given that it accounts for 0.1 percent of global crude demand.

This won't make any immediate difference to Australian bowser prices, given that the price is set in Singapore (a key pricing benchmark for Austtralia) and can take around two weeks make any difference here. according to the ACCC.

Meanwhile, United Nations secretary-general Antonio Guterres has slammed what he calls the "grotesque greed" of oil and gas companies and their financial backers and urged governments to tax excessive profits globally to support the most vulnerable people.

Already in the UK, a windfall profits tax has been imposed on oil and gas giants to provide relief for households hit with massive energy bills. 

It's been suggested here in Australian given the domestic gas supply crisis but Prime Minister Anthony Albanese has ruled it out.

Here's my analysis from ABC Newsradio